Gold extends fall on firm dollar, easing Fed rate-cut bets

Gold fell for a fourth straight session on Tuesday, weighed down by a firm dollar and diminished prospects of a U.S. interest rate cut next month. Spot gold was down 0.1% at $4,039.19 per ounce, as of 0131 GMT. U.S. gold futures for December delivery fell 0.9% to $4,038.60 per ounce. “The dollar was a bit stronger today and also some of the speculative length has been reduced this past week. The gold market is going to consolidate for now,” said Marex analyst Edward Meir. The dollar held steady against its rivals after a sharp rise in the previous session. A stronger dollar makes gold more expensive for other currency holders. Last week, lawmakers reached an agreement to end what had become the longest-ever U.S. government shutdown, during which an absence of official economic data helped dampen expectations for another rate cut from the Federal Reserve in December.